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New FACTA regulations for Foreign Vendors

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JoeD
Basic Member
Posts: 8
Basic Member
1/4/2013 4:40 PM
    We have to start reporting and withdrawing a percentage of money before paying foriegn vendors.Then we have to submit that money to the IRS. New FACTA regulation also known as 1042. Currently we just created another income code, 1042, and setting vendors up with that. But we need to have a field so we know how much of a percentage to keep and then it would be nice to have it somewhere in the invoice.
    Anyone else been doing this?